Too Many Neglected Opportunities…..Eating At Your Future Foundation

By Sid Chadwick

“Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it.”…….Johann Wolfgang von Goethe  

INTRODUCTION:

There is no lack of opportunities – for current and new business – growth.

An overview of the problem? We fail to do our homework…and …There’s no public Master Checklist….holding individuals accountable…!

Here’s my short list, representing “Business Development Team Opportunities”:

1. “Neglected House Accounts.”  House Accounts tend to gain this designation – because they tend be small companies, without much volume.  However, they can be a treasure of Information and Introductions….including Referrals – and – Suppliers – representing significant opportunities…!
2. Customers who bought from us last year, and even two years ago, but not this year…..Surely a Target for – Renewing a Previous Relationship….!
3. Identify –  the most profitable customers your company services, and then – do something radical: “Learn to Research through your local Library” – those customers’ SIC Codes, for – “Who else also has those (or similar) SIC Codes” and business profiles  – within 50 miles (or 100, or 300, or 500 miles) – of your company. (Note: If those most profitable customers could buy cheaper – and they surely can – Why don’t they…..?)

High profitability of a customer, or group of similar customers – is an indication of important relationship conditions,  relating to your organization’s Market Differentiation – such as:

(a) They really like what we do, who we are, what we produce for them (learn what that is…!).

(b) We understand and reliably produce – to high levels of acceptability – what they want, and how they want it.

(c) Our current high profit customers represent credible references – for opening “new customer doors” – with similar profiles.

SUMMARY:

One of the most important decisions that occurs in a company is: “Who should we pursue - for additional business…?” (Note: That decision profoundly impacts our future performance…!)

In most organizations, that understanding has not been: (a) critically determined, and (b) put in writing – with frequent reviews – for guiding the Business Development Team’s  efforts – toward improved financial performance.

All dollars of revenue from customers – flowing through your company – are NOT equal…!

The future of your organization – is very much being determined by – Who you select to develop….!

“Time is the scarcest resource, and unless it is managed, nothing else can be managed.”……..Peter Drucker, Consultant, Writer, Lecturer, Philosopher